The group was founded in 2002 by Kevin Kenny, Jason
Kirschner, Mete Tuncel with seed money from investing legend
Julian Robertson of Tiger Management. Carlyle Group took a stake
in 2011, but recently
sold it back to the founders as it steps away form hedge
funds.

The Master Fund's closure is one of several recent
shutterings.

Orlando Muyshondt's firm, Tyrian
Investments, also backed by Robertson, is
shutting due to redemptions. Perry Capital announced earlier
this year it would shutter, as did Wingspan Investment
Management, an $800 million hedge fund firm, Bloomberg
reported.

Investors have pulled about $77 billion from the $3
trillion hedge fund industry this year through October, according
to data provider eVestment.